First Bank (NASDAQ:FRBA) Plans Quarterly Dividend of $0.12

Key Points

• First Bank increased its quarterly dividend by 33.3%, from $0.09 to $0.12 per share. Shareholders of record on November 6 are scheduled to receive payment on November 20, representing a $0.48 annualized dividend and a 2.6% yield.
• The dividend appears well covered, with a current payout ratio of 19.8%; analysts expect next year’s earnings of $1.81 per share, implying a projected payout ratio of about 19.9%.
• First Bank exceeded quarterly earnings expectations, reporting $0.49 EPS versus the $0.44 consensus estimate and revenue of $38.76 million versus $37.70 million expected. The stock opened at $18.55, with a market capitalization of approximately $465.6 million.

First Bank (NASDAQ:FRBA - Get Free Report) announced a quarterly dividend on Thursday, October 22nd. Investors of record on Friday, November 6th will be given a dividend of $0.12 per share by the bank on Friday, November 20th. This represents a $0.48 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, November 6th. This is a 33.3% increase from First Bank's previous quarterly dividend of $0.09.

First Bank has raised its dividend by an average of 0.1% per year over the last three years. First Bank has a payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Bank to earn $1.81 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 19.9%.

First Bank Stock Performance

FRBA opened at $18.55 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.11. The business has a fifty day simple moving average of $17.90 and a 200 day simple moving average of $17.18. First Bank has a 1 year low of $14.40 and a 1 year high of $19.33. The company has a market capitalization of $465.61 million, a PE ratio of 10.52 and a beta of 0.57.

First Bank (NASDAQ:FRBA - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. First Bank had a return on equity of 9.57% and a net margin of 17.45%. The firm had revenue of $38.76 million for the quarter, compared to analysts' expectations of $37.70 million. Research analysts expect that First Bank will post 1.62 EPS for the current year.

First Bank Company Profile

First Bank NASDAQ: FRBA is a community-focused commercial bank headquartered in Hamilton, New Jersey. Founded in 2007, the bank provides banking services to businesses, individuals and organizations in New Jersey and eastern Pennsylvania.

Its products and services include commercial and industrial loans, commercial real estate financing, residential mortgage loans, consumer lending, checking and savings accounts, certificates of deposit, cash-management services and online banking. First Bank emphasizes relationship-based banking and serves small and mid-sized businesses, professionals, nonprofit organizations and individual customers.

First Bank operates a network of branches in central and southern New Jersey and the greater Philadelphia region.

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